Final Draft Contracts for New Oil Round on 20th April

The Iraqi Oil Ministry will issue the final draft contracts for the next round of energy-exploration rights on 20th April 20, according to a report from Bloomberg.

Companies that were pre-selected to bid in the two-day May 30 licensing round have until today (Thursday) to comment on the preliminary drafts, Abdul Mahdy al-Ameedi, the director-general of the licensing department said, told the news agency on Wednesday.

The licensing round has been repeatedly delayed to allow more time for companies to make remarks and changes so that the agreements are more attractive for investments.

Iraq is auctioning 12 exploration blocks, seven for oil and five for gas, according to the ministry. They contain 29 billion cubic meters of gas and 10 billion barrels of crude, Oil Minister Abdul Kareem al-Luaibi [Elaibi] said.